$BTCUSD (Bitcoin / USD) – A True Breakdown, But More Weakness Ah
Bitcoin ($BTCUSD) price action remains subtle for another week with a +1.88% gain. $BTCUSD remains languishing at the $16,000 level as $3 billion escaped crypto exchanges in early November amid a bank run on fears of an FTX contagion.
$BTCUSD daily action continue to morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains.
The level of support to watch for $BTCUSD this week remains at $15,630, a breakdown of the year to date low.
Bull Case: Recapturing its declining 50-day moving average at $19,000.
Bear Case: Breakdown of $15,630, the year to date low.
$BTCUSD daily action continue to morphed out a further Bearish Pennant pattern prompting the risk of a further accelerated sell off in near term remains.
The level of support to watch for $BTCUSD this week remains at $15,630, a breakdown of the year to date low.
Bull Case: Recapturing its declining 50-day moving average at $19,000.
Bear Case: Breakdown of $15,630, the year to date low.